Businesses In Northwest Connecticut Say Recovery Still A While Off

Businesses in the state's northwest aren't expecting a quick recovery from what they largely consider a below-average regional economy, according to a survey released Thursday by the Connecticut Business and Industry Association

Businesses in northwestern Connecticut aren't expecting a quick recovery from what they largely consider a below-average regional economy, according to a survey released Thursday.

The survey — conducted by the Connecticut Business and Industry Association and the Northwestern Connecticut Chamber of Commerce — said that more than 70 percent of businesses in the northwestern corner see the region's economy as below average, while just 6 percent give the economy good marks.

The largest chunk of businesses expect jobs, housing prices and consumer confidence to bounce back in 2014.

The top priority for businesses surveyed was keeping the manufacturing base firm in the region, followed by improving regional collaboration, encouraging entrepreneurship and making towns and cities more attractive for families.

The slow economy aside, leading concerns for the businesses include taxes, regulations, healthcare costs and energy costs.

Credit seems to be flowing for most, with 42 percent calling credit availability average and 20 percent saying it's above average. Still, about one in four businesses said that limited credit had constrained their ability to do business, grow inventory or make capital improvements.

Ninety percent of businesses said they were "concerned" or "extremely concerned" about the state's fiscal situation, the survey said. Two-thirds say the state's deficit has impacted long-term business decisions.

"The survey shows the need for state policymakers to focus on providing more confidence to area business leaders by doing things like getting the state's fiscal house in order," Pete Gioia, CBIA economist, said in a statement.

Looking at workforce planning, about 40 percent of businesses surveyed expect to hire in the next year.